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Revenue
₹9.11 Cr
verified against source
Revenue YoY
90%
reported change
EBITDA
₹20.21 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Trishakti Industries delivered a transformative Q4 FY26, with revenue surging 90% YoY to ₹32.44 Cr and EBITDA jumping 220% to ₹20.21 Cr, driven by a strategic pivot to a pure-play infrastructure equipment rental model. The fleet scaled from 8 to 140+ machines with near-full utilization, and capex deployment of ₹210 Cr far exceeded the ₹100 Cr guidance. Management guided FY27 revenue of ₹62 Cr based on current monthly billing run-rate of ₹5 Cr, with a target ROCE of 22-25%. Key risks include operational challenges from rapid fleet expansion and potential cyclicality in heavy crane demand, though management remains confident in sustained demand from renewable energy and core infrastructure projects.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided FY27 revenue of ₹62 Cr, based on current monthly billing run-rate of ₹5 Cr and existing order book.
- Company plans to deploy ₹400 Cr in capex by FY27, with focus on 50-250 ton cranes to maintain high utilization.
- Targeting return on capital employed of 22-25% as fleet scales and utilization remains high.
- Management expects trade receivable days to normalize in FY27 as legacy family settlement receivables are collected.
Risks flagged
- Rapid capex deployment has led to higher employee and other expenses, impacting margins temporarily.
- Debt-to-equity is elevated at ~2x; rapid repayment schedule (2.5% per month) could strain cash flows if demand slows.
- Many contracts are extended only until December 2026; renewal beyond that is not guaranteed, posing revenue visibility risk.
- Subvention income of ₹4.58 Cr is classified as other income but management considers it operating; its recurrence is not guaranteed.
Key quotes
- We are in the view of a structural multi-decade infrastructure buildout across roads, railways, renewable energy, urban infrastructure and industrial capacity.
- The demand side is not the issue for us. It's just that the availability of the machines will be an issue for us in future when it comes to more than 500 tons of machines.
- Our FI27 order book is currently standing at 62 odd crores and whatever overtime we will be generating will be added to this.
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